Imagine you sign in to an app to access your profile. But have you wondered how this process works so effortlessly?
The app calls an API (Application Programming Interfaces) to retrieve your account and its credentials, which then access this information from one of its servers and return the data to the application. So, APIs are essentially strands of code communicating with each other, forming a connection to exchange data.
Consent-driven payroll data exchange — The next wave of innovation in Fintech
The opportunities for Fintech to serve unmet financial needs and services for consumers are becoming imperative. APIs are important because they facilitate the seamless flow of data across multiple systems (silos), performing various tasks with various purposes. Essentially, payroll APIs change how banking, employers, and fintech companies make business transactions embracing secured data-sharing solutions for better connectivity.
Real-time payroll data exchange will enable organizations to build specific products that run payroll, calculate taxes, transfer money and inform relevant agencies. Moreover, accessing salary & employment data through these third-party APIs can directly provide personalized financial services (like payroll-linked loans) or employee benefits.
